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‘German so-called economic miracle is a trifle compared to what is being achieved in Poland,’ says Polish Central Bank head

Head of the NBP Adam Glapiński believes that the Polish economy is in excellent condition and that high inflation was not caused by demand but by supply shock

editor: Grzegorz Adamczyk
author: wprost.pl

The head of the National Bank of Poland (NBP) Adam Glapiński compared the economic situation in Poland to the German economic miracle in 1950s and 1960s, also known as the Miracle of the Rhine.

“Between communism and war, we weren’t given any chances to develop normally. For the pride of future generations, we are making up for all of this very quickly. The German economic miracle is a trifle compared to what we are achieving in Poland today,” he said.

The head of the NBP affirmed that even if the coronavirus crisis was twice as severe and twice as long, Poland still would have come out of it in good form. “Our economic situation is really strong, although the world is becoming a difficult place. Global inflation is rising,” he said.

Glapiński commented also on the growing inflation rate in Poland. “With my hand on my heart I will repeat that this inflation is not caused by demand but by supply shock,” said the head of the Polish National Bank.

He added that increasing interest rates would not help and that the effects would be visible within a few quarters.

Adam Glapiński is of the opinion that “Poles are among of the most hard-working people in the world”. He forecasted that the growth rate of Poles’ wealth will be very rapid. This is due to significant increases in salaries and other elements cared for by the government have been maintained.

“Minimum wage has increased at incredible rates, and we have eliminated extreme poverty. Since the time of the 18th-century partitions, we have not seen such success,” the NBP head said.

According to Glapiński, Poles must believe that their country is a medium-sized economic power with a stable political system and well-functioning democracy which “some are trying to weaken.”

Glapiński commented on the economic situation after receiving the Polish Compass 2021 award by Fratria group (the publisher of “Sieci” weekly and portal wPolityce.pl) for the considered, efficient decisions made by the central bank during times of crisis.